First Resource Bank in Exton, Pa., has received federal regulatory approval to exit the Small Business Lending Fund program.
The $199 million-asset company plans to redeem $1.3 million of preferred shares by the middle of March, after obtaining approval from the Federal Deposit Insurance Corp., according to a Thursday news release. First Resource still must receive approval from the Pennsylvania Department of Banking and Securities.
The goal is to exit before the SBLF dividend increases to 9% from 1%, Chief Executive Glenn Marshall said in the release.
First Resource in November redeemed $3.8 million, or about 75%, of its outstanding SBLF preferred stock. First Resource originally issued its $5.1 million pool of SBLF shares in September 2011.